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Bi-Monthly Real Estate Recap

It’s that time again for the Bi Monthly Recap…I’d just like to say that 2 weeks do not fly by in January like they do in the summer. We continue to suffer from very low inventory and I am sensing buyer fatigue in the homes priced under 1 million dollars, there are only so many times a person can be outbid on a home. The question is does that frustration lead to just a break or do buyers start looking in more affordable towns? The answer is both, at some point paying 900+ for a 3 bedroom 2 1/2 bath with just average kitchen and baths just seems ludicrous. For some buyers who already feel Newton is too suburban still believe it’s much more affordable here especially if you factor in school costs in the city.

There is still activity taking place this summer and I think more so than in previous summers. Labor Day is very early and school starts early, the Jewish holidays are late this year so I expect September to be very busy. There has been and uptick in the sale of homes priced over 1.5 million for the first time in a long while. Let’s hope that continues. Currently we have 137 homes on the market down from 144 two weeks ago. The lowest inventory is in the 800-899 range. 27 homes have gone under agreement and 12 have contingency agreements in the past 2 weeks. 11 of those are priced above 1.5 million. 32 homes sold with the busiest price point being 1 million to 1.5 million with 11 homes sold. The jumbo rate and conforming rates are virtually the same which may explain the increase in over 1 million sales.

I would say this bodes well for the fall market…if you are thinking of selling call or email me at 617-921-6860 or margaretszerlip@gmail.com Enjoy the rest of your summer.